Excess Employer Withholding When one or more employers withhold more than the aggregate maximum amount of Social Security and/or railroad retirement contributions that should have been withheld from a single taxpayer during a taxation year. Excess employer withholding is When one or more employers withhold more than the aggregate maximum amount of Social Security and/or … [Read more...]
Tax Treatment for Coverdale IRAs
Tax Treatment for Coverdale IRAs number of publications, including my own, have mistakenly reported over the past year that Coverdale IRAs, formerly known as Education IRAs, are tax deductible. Coverdale IRAs are not tax-deductible. Originally the concept of education IRAs was meant to provide a tax-deductible benefit that would defer taxes on contributions until the time of … [Read more...]